Crypto exchange OKX has announced that it will implement new requirements to comply with the rules set by the UK Financial Conduct Authority (FCA). Starting from January 8, users in the UK will be required to complete two questionnaires. The first questionnaire will assess users’ awareness of crypto investment risks and classify their investor profiles. The second questionnaire will evaluate users’ knowledge and experience in crypto investing and their understanding of associated risks.
Both new and existing users located in the UK will need to provide answers to these questionnaires. Failure to complete the questionnaires successfully will result in users being unable to hold an OKX account. OKX, one of the largest exchanges by daily trading volume, reported a 24-hour trading volume of $3.6 billion on January 2.
The new process implemented by OKX aims to ensure compliance with the FCA’s Financial Promotions Regime. Although these rules came into effect in October 2023, the FCA allowed certain firms to extend their compliance deadline until January 8. OKX appears to have taken advantage of this extension.
OKX’s announcement also includes a disclaimer based on the FCA’s suggested risk warning. It advises users not to invest in crypto unless they are prepared to lose their entire investment, emphasizes that customers should not expect protection, and highlights that cryptocurrency is unregulated in the UK.
Other crypto service providers, such as Binance, PayPal, Bybit, Nicehash, Revolut, and Luno, have reduced their services in the UK either temporarily or indefinitely. Some firms, including HTX, KuCoin, and Poloniex, have been placed on the FCA’s warning list.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇬🇧 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Coinbase, FCA, Bybit, Crypto exchange OKX, Revolut, Archax, KuCoin, HTX, Binance, PayPal, Poloniex, U.K. Financial Conduct Authority (FCA), OKX, Nicehash, Luno |
| Currencies | None |
| Securities | None |
